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BaFin
The German financial regulator BaFin has imposed fines totaling €16,000 on Wise Europe SA. This is due to the company's failure to submit reports to BaFin's account comparison platform and its breaches of disclosure obligations. The Brussels-based institution had neglected for an extended period to report its account model, offered to consumers in Germany, to BaFin's account comparison platform.
Financial Conduct Authority
The FCA has decided to ban 3 former senior figures at Dolfin Financial (UK) Limited (Dolfin) after finding they ran a scheme that helped clients bypass UK visa rules. Former chief executive Denisz Nagy has been fined £324,800 and former finance director Sanjay Maraj £122,000 for their roles in the scheme. Both have been banned from working in financial services. The FCA has also decided to ban Dolfin co-founder, Roman Joukovski, from working in financial services. Between 2016 and 2019, most clients using the scheme paid a fee of £400,000 instead of investing £2m of their own money in UK companies, as required under the Home Office investor visa rules. The FCA found the scheme was deliberately designed to create the false impression that the visa requirements had been met.
Austrac
AUSTRAC is warning the public to remain vigilant after discovering cases where scammers impersonated the agency and its staff in an attempt to steal money and sensitive information. AUSTRAC CEO Brendan Thomas said scammers are using emails, phone calls and messages that appear legitimate to pressure victims into making urgent payments or disclosing personal details. “AUSTRAC does not contact members of the public unexpectedly demanding payment,” Mr Thomas said.
